Paymentshield has extended the validity period for home insurance quotes on new build properties to 180 days, following feedback from brokers.
The extension to 180 days, from 120 days, has brought Paymentshield in line with many new build mortgage lenders, making it easier for brokers to offer simultaneous mortgage and insurance advice to clients buying a new build property.
James Loder, proposition director at Paymentshield, said: “Paymentshield’s new build quote validity period is now one of the lengthiest in the industry and is a direct result of feedback from brokers who wanted an easier way of advising on general insurance to clients buying a new home.
“The reality of new build is that buyers will often purchase a home off-plan, months before the building work is completed and, while many mortgage lenders have recognised this and extended their offer period, brokers would often have to requote on insurance as the quote had expired before the client completed the purchase.
“Now it is possible for brokers to offer an insurance quote on a new build property with the same validity as the mortgage offer.
“We think this will enable advisers to feel more confident about discussing home insurance with their new build clients at the beginning of the mortgage process, ensuring their clients are properly protected, every time.”
The extension applies to all members of Paymentshield’s panel of insurers which includesbAllianz, Zurich AXA and RSA.